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Ashley (a single taxpayer) is the sole owner of ABC LLC. The LLC (treated as a sole proprietorship for Federal income tax purposes) reports QBI
Ashley (a single taxpayer) is the sole owner of ABC LLC. The LLC (treated as a sole proprietorship for Federal income tax purposes) reports QBI of $900,000 and is not a specified services business. ABC paid total W2 wages of $300,000, and the total unadjusted basis of property held by ABC is $30,000. Ashleys taxable income before the QBI deduction is $740,000 (this is also her modified taxable income).
What is Ashley's QBI deduction for 2020?
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